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Fieference Reference Total Fiat Gavin Tire Company Production Budget For the Year Ended December 31, 2025 First Second Third Quarter Quarter Quarter det besi betold 1.000 1,200 1400 Desired resin ending inventory 480 500 640 is needed 1480 1.780 2,040 Trus in being inventory 300 450 560 1.180 1.280 ageted rosto be produced 1.480 Fourth Quarter 1,600 720 Gavin Tire Company Sales Budget For the Year Ended December 31, 2025 Second Third Fourth Quarter Quarter Quarter Quarter 1,000 1.200 5.400 1,500 5 70 $ 705 70 5 705 6 70.000 $ 84000 8000 5 112.000 Total 5,200 720 5.200 70 5.620 Bed tires to be sold Sprice per un Total sales 2,320 540 364.000 300 5.620 1.680 Print Done Print Done First Second Quarter Third Quarter Fourth Quarter Total Quarter 10.800 10.800 Beginning inventory Tires produced and sold in 2025 Total budgeted cost of goods sold Choose from any list or enter any number in the input fields and then click Check Answer 12 Parts remaining Clear AB Check Ant MacBook PID Searen or type URL 5 6 7 8 9 E R T Y U More Info om e (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given Bud are stated as of December 31, 2024.) ce a. Budgeted sales are 1,000 tires for the first quarter and expected to increase by 200 tires per quarter Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. SO b. Finished Goods Inventory on December 31, 2024 consists of 300 tires at $36 each al c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales: first quarter sales for 2026 are expected be 1.800 tiros FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2024, consists of 750 pounds of rubber compound used to manufacture the tires Direct materials requirements are 25 pounds of a rubber compound per tire. The cost of the compound is $4,00 per pound 1. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production: desired ending inventory for December 31, 2025 is 750 pounds, indirect materials are Insignificant and not considered for budgeting purposes. 9. Each tire requires 0.30 hours of direct labor, direct latte costs average $20 per hour Do hi Variable manufacturing overhead is $3 per tire. Foxed manufacturing overhead includes $6,000 per quarter in depreciation and $10,860 per quartet for Seca other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include 58,000 per quarter for salaries: $4,800 per quarter for Qua runt: $1.950 per quarter for insurance, and $2,000 per quarter for depreciation k Variable selling and administrative expenses include supplies at 2% of sales 1 Capital expenditures include $25,000 for new manufacturing equipment to be purchased and paid in the first quarter m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale: December 31, 2024. Accounts Receivable is received in the first quarter of 2025: un collectible mput field Print Done Dono C G Search or type URL A & 7 4 5 6 8 02 0 20 T Y U * More Info e. Direct materiais requirements are 25 pounas or a rubber compound per tire. The cost or the compounais $4.00 per pound f Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025 is 750 pounds; Indirect materials are insignificant and not considered for budgeting purposes. 9. Each tre requires 0.30 hours of direct labor, direct labor costs average $20 per hour. h. Variable manufacturing overhead is $3 per tire. Fixed manufacturing overhead includes $6,000 per quarter in depreciation and $10,860 per quarter for other costs, such as utilities, insurance, and property taxes. 1 Fixed selling and administrative expenses include $8,000 per quarter for salaries: $4,800 per quarter for rent: $1.950 per quarter for insurance; and $2,000 per quarter for depreciation k Variable selling and administrative expenses include supplies at 2% of sales. Capital expenditures include $25,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale: December 31, 2024. Accounts Receivable is received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 50% in the quarter purchased and 50% in the following quarter, December 31, 2024. Accounts Payable is paid in the first quarter of 2025. o Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. 9. Gavin desires to maintain a minimum cash balance of $20,000 and borrows from the local bank as needed In increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 12% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. field Print Done G Search or type URL % 08 Fieference Reference Total Fiat Gavin Tire Company Production Budget For the Year Ended December 31, 2025 First Second Third Quarter Quarter Quarter det besi betold 1.000 1,200 1400 Desired resin ending inventory 480 500 640 is needed 1480 1.780 2,040 Trus in being inventory 300 450 560 1.180 1.280 ageted rosto be produced 1.480 Fourth Quarter 1,600 720 Gavin Tire Company Sales Budget For the Year Ended December 31, 2025 Second Third Fourth Quarter Quarter Quarter Quarter 1,000 1.200 5.400 1,500 5 70 $ 705 70 5 705 6 70.000 $ 84000 8000 5 112.000 Total 5,200 720 5.200 70 5.620 Bed tires to be sold Sprice per un Total sales 2,320 540 364.000 300 5.620 1.680 Print Done Print Done First Second Quarter Third Quarter Fourth Quarter Total Quarter 10.800 10.800 Beginning inventory Tires produced and sold in 2025 Total budgeted cost of goods sold Choose from any list or enter any number in the input fields and then click Check Answer 12 Parts remaining Clear AB Check Ant MacBook PID Searen or type URL 5 6 7 8 9 E R T Y U More Info om e (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given Bud are stated as of December 31, 2024.) ce a. Budgeted sales are 1,000 tires for the first quarter and expected to increase by 200 tires per quarter Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. SO b. Finished Goods Inventory on December 31, 2024 consists of 300 tires at $36 each al c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales: first quarter sales for 2026 are expected be 1.800 tiros FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2024, consists of 750 pounds of rubber compound used to manufacture the tires Direct materials requirements are 25 pounds of a rubber compound per tire. The cost of the compound is $4,00 per pound 1. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production: desired ending inventory for December 31, 2025 is 750 pounds, indirect materials are Insignificant and not considered for budgeting purposes. 9. Each tire requires 0.30 hours of direct labor, direct latte costs average $20 per hour Do hi Variable manufacturing overhead is $3 per tire. Foxed manufacturing overhead includes $6,000 per quarter in depreciation and $10,860 per quartet for Seca other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include 58,000 per quarter for salaries: $4,800 per quarter for Qua runt: $1.950 per quarter for insurance, and $2,000 per quarter for depreciation k Variable selling and administrative expenses include supplies at 2% of sales 1 Capital expenditures include $25,000 for new manufacturing equipment to be purchased and paid in the first quarter m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale: December 31, 2024. Accounts Receivable is received in the first quarter of 2025: un collectible mput field Print Done Dono C G Search or type URL A & 7 4 5 6 8 02 0 20 T Y U * More Info e. Direct materiais requirements are 25 pounas or a rubber compound per tire. The cost or the compounais $4.00 per pound f Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025 is 750 pounds; Indirect materials are insignificant and not considered for budgeting purposes. 9. Each tre requires 0.30 hours of direct labor, direct labor costs average $20 per hour. h. Variable manufacturing overhead is $3 per tire. Fixed manufacturing overhead includes $6,000 per quarter in depreciation and $10,860 per quarter for other costs, such as utilities, insurance, and property taxes. 1 Fixed selling and administrative expenses include $8,000 per quarter for salaries: $4,800 per quarter for rent: $1.950 per quarter for insurance; and $2,000 per quarter for depreciation k Variable selling and administrative expenses include supplies at 2% of sales. Capital expenditures include $25,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale: December 31, 2024. Accounts Receivable is received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 50% in the quarter purchased and 50% in the following quarter, December 31, 2024. Accounts Payable is paid in the first quarter of 2025. o Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. 9. Gavin desires to maintain a minimum cash balance of $20,000 and borrows from the local bank as needed In increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 12% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. field Print Done G Search or type URL % 08